3rd Behavioral Macroeconomics Workshop

Heterogeneity and Expectations in Macroeconomics and Finance

July 7th-8th, 2021

The workshop was open to the public and took place via Zoom. Slides can be found below for most of the presentations and discussions.

Program (CEST Time)
Day 1: Wednesday, July 7, 2021
13:55Opening Remarks

Session A – Expectations and Survey Data (Chair: Joep Lustenhouwer, Heidelberg University)

14:00 – 14:40Selection in Information Acquisition and Monetary Non-Neutrality
Hassan Afrouzi (Columbia University)
Discussant: Zeno Enders (Heidelberg University)
14:40 – 15:20Average Inflation Targeting and Household Expectations 
Raphael Schoenle (Brandeis University)
Discussant: Kostas Mavromatis (De Nederlandsche Bank)
15:20 – 16:00Uncertainty, Expectation Dispersion, and the Reaction to News
Jonas Dovern (University of Erlangen-Nürnberg)
Discussant: Wei Qian (Shanghai University of Finance and Economics)

Session B – Experiments (Chair: Tomasz Makarewicz, Bielefeld University)

16:30 – 17:10An Experimental Horse Race of Different Monetary Policy Regimes
Luba Petersen (Simon Fraser University)
Discussant: Isabelle Salle (Bank of Canada)
17:10 – 17:50The Role of the End Time in Experimental Asset Markets
Anita Kopanyi-Peuker (Radboud University)
Discussant: Tomasz Makarewicz (Bielefeld University)
17:50 – 18:30Intertemporal Prospect Theory
Matthias Weber (University of St. Gallen)
Discussant: Özgür Gürerk (University of Erfurt)

Session C – Rational Inattention (Chair: Sven Schreiber, FU Berlin and IMK Düsseldorf)

19:00 – 19:40The Rational Inattention Framework: Recent Developments
Mirko Wiederholt (Sciences Po, Paris)
Discussant: Michael Krause (Universtiy of Cologne)
19:40 – 20:20The Inattentive Consumer: Sentiment and Expectations
Rupal Kamdar (Indiana University, Bloomington)
Discussant: Thomas Theobald (IMK Düsseldorf)
20:20 – 21:00A Rational Theory of Limited Attention
Alexandre Kohlhas (IIES, Stockholm)
Discussant: Jonas Löbbing (LMU Munich)
Day 2: Thursday, July 8, 2021

Session D – Expectations in Macroeconomic Models (Chair: Emanuel Gasteiger, TU Vienna)

14:00 – 14:40Boundedly Rational Decision Making in Continuous-Time
Chandler Lester (University of Oregon)
Discussant: Mike Shin (University of Sydney)
14:40 – 15:20Heterogeneous Expectations and the Effective Lower Bound
Tolga Özden (University of Amsterdam)
Discussant: Jacek Suda (NBP and Warsaw School of Economics)
15:20 – 16:00Stagnation and Fiscal Policy: A Nonlinear Analysis
Seppo Honkapohja (Aalto University)
Discussant: Alex Grimaud (TU Vienna)

Session E – COVID-19 and Economic Behavior (Chair: Christian R. Proaño, U Bamberg)

16:30 – 17:10 The Effects of Fiscal Policy on Households During the COVID-19 Pandemic:
Evidence from Emerging Economies
Lena Dräger (University of Hanover)
Discussant: Sebastian Gechert (IMK Düsseldorf)
17:10 – 17:50How to Design Virus Containment Policies? A Joint Analysis of Economic and Epidemic Dynamics
Herbert Dawid (Bielefeld University)
Discussant: Paola D’Orazio (Ruhr-University Bochum)
17:50 – 18:30Virus Dynamics with Behavioral Responses
Krishna Dasaratha (Yale University)
Discussant: Florian Herold (University of Bamberg)
18:30 – 19:30Closing Remarks and Informal Social Meeting

Time allocation: 25 minutes for paper presentations, 5 minutes for discussants, 10 minutes for general discussion.

Scientific Committee

Emanuel Gasteiger

Christian R. Proaño

Joep Lustenhouwer

Sven Schreiber

Tomasz Makarewicz

Frank Westerhoff